Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western
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Question:
Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December Y:
Not
Days Past Due
Days Past Due
Days Past Due
Days Past Due
Days Past Due
Past
Customer
Balance
Due
Over
AAA Outfitters
Brown Trout Fly Shop
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
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Zigs Fish Adventures
Subtotals
The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year.
Customer
Due Date
Balance
Adams Sports & Flies May $
Blue Dun Flies Oct.
Cicada Fish Co Sept.
Deschutes Sports Oct.
Green River Sports Nov.
Smith River Co Nov.
Western Trout Company Dec.
Wolfe Sports Jan.
Trophy Fish has a past history of uncollectible accounts by age category, as follows:
Age Class
Percent Uncollectible
Not past due
days past due
days past due
days past due
days past due
Over days past due
Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero.
Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.
Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $ before adjustment on December Journalize the adjusting entry for uncollectible accounts.
Assuming that the adjusting entry in was inadvertently omitted, how would the omission affect the balance sheet and income statement?
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